What is Trade Compliance and why is Trade Compliance important?
Trade Compliance means adhering to the many global regulations that surround business activities and the import and export of products, services, and technology. This means complying with international export, trade, and finance laws. Who is responsible for Trade Compliance? You may not think this is relevant to you, but the truth is that organizations in all industries have Trade Compliance requirements that they must meet. It is not a regulation that only applies to security-sensitive industries such as aerospace, defense, telecommunications, IT, energy, research, or financial institutions. And the penalties for non-compliance can be severe. Why Trade Compliance is important? Trade Compliance is the responsibility of all businesses and is especially important to importers and exporters. The larger the company, the higher the expectations of compliance. You must fully understand what rules and regulations apply to you and how to manage them to comply with them. Proper busin...